Pacific Energy Development Announces Drilling Plans for the Recently Acquired Wattenberg Extension Acreage
April 01 2014 - 8:30AM
Marketwired
Pacific Energy Development Announces Drilling Plans for the
Recently Acquired Wattenberg Extension Acreage
DANVILLE, CA --(Marketwired
- April 01, 2014) - PEDEVCO Corp. d/b/a Pacific Energy
Development (NYSEMKT: PED) (the
"Company"), an energy company engaged in the acquisition and
development of strategic high-value energy projects in the U.S. and
Asia, today announced that it plans to participate in the
drilling of its first four wells in the Wattenberg Extension Area
acreage (Wattenberg Asset) it acquired last month.
These four wells were all drilled and operated by Bonanza Creek,
which has a proven track record of undertaking successful and
cost-effective drilling programs. The first well, which was
originally drilled in 2011, has already returned its drilling and
completion costs. The other remaining three wells were drilled
in February 2014 and completed in March 2014, and are expected to
be on full production in April 2014.
The Company expects further results of these wells to be
available before the end of April 2014.
2014 Drilling
Program
For 2014, the Company plans to drill and participate in
approximately 11 additional gross wells on the Wattenberg Asset and
2 gross wells in its Niobrara legacy acreage (Niobrara Asset),
including both operated and non-operated wells. Both the
Wattenberg and Niobrara Assets are located in the DJ Basin and
substantially in Weld County, Colorado. The Company is in the
process of securing permits for spacing, pooling and drilling and
other required approvals from the Colorado Oil and Gas Commission
with respect to wells it plans to drill and complete as an operator
on these assets, and expects positive results from those filings in
June. Upon receipt of these permits and approvals, the Company
will identify the location of the wells in an update to its
development plan.
On the Company's Mississippian Asset located in Comanche,
Harper, Barber and Kiowa Counties, Kansas, the Company plans to
drill three wells with an accompanying salt water disposal well
("SWD") in 2014.
Frank C. Ingriselli, President and CEO of the Company,
commented, "Having acquired what we believe to be highly attractive
acreage in the heart of the core Wattenberg Area and its extension,
we are pleased to now commence our development plans and carry out
an aggressive drilling program for 2014 and beyond. As we have
demonstrated with our already existing Niobrara wells which we
completed last year, we will strive to be one of the low cost and
economically efficient operators in the basin, and continue to seek
to deliver positive well results and cash flow to our mineral
interest partners and shareholders."
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO Corp, d/b/a Pacific Energy Development (NYSEMKT: PED), is a publicly-traded energy
company engaged in the acquisition and development of strategic,
high growth energy projects, including shale oil and gas assets, in
the United States and Asia. The Company's principal assets include
its Niobrara asset located in the DJ Basin in Colorado, its
Mississippian asset located in Comanche, Harper, Barber and Kiowa
Counties, Kansas, and its North Sugar Valley asset located in
Matagorda County, Texas. The Company has also previously announced
its entry into an agreement to acquire a working interest in a
380,000 acre producing asset located in the Pre-Caspian Basin, one
of the largest producing basins in Kazakhstan, which acquisition is
pending Kazakhstan government approval. Pacific Energy
Development is headquartered in Danville, California, with offices
in Houston, Texas and Beijing, China.
Forward-Looking Statements
All statements in this press release that are not based on
historical fact are "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 and the
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. While management has based any forward-looking statements
contained herein on its current expectations, the information on
which such expectations were based may change. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties, and other factors, many of which are outside of the
Company's control, that could cause actual results to materially
differ from such statements. Such risks, uncertainties, and other
factors include, but are not necessarily limited to, those set
forth under Item 1A "Risk Factors" in the Company's Annual Report
on Form 10-K for the year ended December 31, 2013. The Company
operates in a highly competitive and rapidly changing environment,
thus new or unforeseen risks may arise. Accordingly, investors
should not place any reliance on forward-looking statements as a
prediction of actual results. The Company disclaims any intention
to, and undertakes no obligation to, update or revise any
forward-looking statements. Readers are also urged to carefully
review and consider the other various disclosures in the Company's
public filings with the SEC.
Contacts Pacific Energy Development Bonnie Tang, 1-855-733-3826
ext 21 (Media) PR@pacificenergydevelopment.comInvestor
Relations:Liviakis Financial Communications, Inc. John
Liviakis +1-415-389-4670 john@liviakis.comStonegate, Inc.
Casey Stegman 214-987-4121 casey@stonegateinc.com
PEDEVCO (AMEX:PED)
Historical Stock Chart
From Mar 2024 to Apr 2024
PEDEVCO (AMEX:PED)
Historical Stock Chart
From Apr 2023 to Apr 2024
